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CBSE Class XII 2014 : ECONOMICS

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H$moS> Z . Series OSR/2 Code No. amob Z . 58/2/1 narjmWu H$moS >H$mo C ma-nwp VH$m Ho$ _wI-n >na Ad ` {bIo & Roll No. Candidates must write the Code on the title page of the answer-book. H $n`m Om M H$a b| {H$ Bg Z-n _o _w{ V n > 11 h & Z-n _| Xm{hZo hmW H$s Amoa {XE JE H$moS >Z ~a H$mo N>m C ma -nwp VH$m Ho$ _wI-n > na {bI| & H $n`m Om M H$a b| {H$ Bg Z-n _| >32 Z h & H $n`m Z H$m C ma {bIZm ew $ H$aZo go nhbo, Z H$m H $_m H$ Ad ` {bI| & Bg Z-n H$mo n T>Zo Ho$ {bE 15 {_ZQ >H$m g_` {X`m J`m h & Z-n H$m {dVaU nydm _| 10.15 ~Oo {H$`m OmEJm & 10.15 ~Oo go 10.30 ~Oo VH$ N>m Ho$db Z-n H$mo n T>|Jo Am a Bg Ad{Y Ho$ Xm amZ do C ma-nwp VH$m na H$moB C ma Zht {bI|Jo & Please check that this question paper contains 11 printed pages. Code number given on the right hand side of the question paper should be written on the title page of the answer-book by the candidate. Please check that this question paper contains 32 questions. Please write down the Serial Number of the question before attempting it. 15 minutes time has been allotted to read this question paper. The question paper will be distributed at 10.15 a.m. From 10.15 a.m. to 10.30 a.m., the students will read the question paper only and will not write any answer on the answer-book during this period. AW em ECONOMICS {ZYm [aV g_` : 3 K Q>o A{YH$V_ A H$ : 100 Time allowed : 3 hours 58/2/1 Maximum Marks : 100 1 P.T.O. gm_m ` {ZX}e : (i) XmoZm| I S>m| Ho$ g^r Z A{Zdm` h & (ii) `oH$ Z Ho$ {ZYm [aV A H$ CgHo$ gm_Zo {XE JE h & (iii) Z g `m 1 5 VWm 17 21 A{V bKy mam _H$ Z h , {OZ_| `oH$ H$m 1 A H$ h & BZH$m `oH$ H$m C ma EH$ dm ` _| hr Ano{jV h & (iv) Z g `m 6 10 Am a 22 26 bKy mam _H$ Z h , {OZ_| `oH$ Ho$ 3 A H$ h & `oH$ H$m C ma gm_m `V 60 e Xm| go A{YH$ Zht hmoZm Mm{hE & (v) Z g `m 11 13 Am a 27 29 ^r bKy mam _H$ Z h , {OZ_| `oH$ Ho$ 4 A H$ h & `oH$ H$m C ma gm_m `V 70 e Xm| go A{YH$ Zht hmoZm Mm{hE & (vi) Z g `m 14 16 Am a 30 32 `m `m _H$ C ma dmbo Z h , {OZ_| `oH$ Ho$ 6 A H$ h & `oH$ H$m C ma gm_m `V 100 e Xm| go A{YH$ Zht hmoZm Mm{hE & (vii) Vmam {H$V (*) Z _y `mYm[aV Z h & (viii) C ma g {j VWm V `m _H$ hmoZo Mm{hE VWm `Wmg ^d D$na Xr JB gr_m Ho$ A VJ V hr {XE OmZo Mm{hE & General Instructions : (i) All questions in both the sections are compulsory. (ii) Marks for questions are indicated against each. (iii) Questions No. 1 5 and 17 21 are very short-answer questions carrying 1 mark each. They are required to be answered in one sentence each. (iv) Questions No. 6 10 and 22 26 are short-answer questions carrying 3 marks each. Answers to them should normally not exceed 60 words each. (v) Questions No. 11 13 and 27 29 are also short-answer questions carrying 4 marks each. Answers to them should normally not exceed 70 words each. (vi) Questions No. 14 16 and 30 32 are long-answer questions carrying 6 marks each. Answers to them should normally not exceed 100 words each. (vii) Questions marked star (*) are value-based questions. (viii) Answers should be brief and to the point and the above word limit should be adhered to as far as possible. 58/2/1 2 I S> A SECTION A *1. gaH$ma Zo ~ S>r g `m _| VH$ZrH$s {ejU g WmE ew $ H$s h & C nmXZ g ^mdZm gr_m Ho$ g X^ _| BgH$m Am{W H$ _y ` ~VmBE & 1 Large number of technical training institutions have been started by the government. State its economic value in the context of production possibilities frontier. 2. 1 Cn`mo{JVm H$s n[a^mfm Xr{OE & Define utility. 3. 1 n[adVu bmJV H$m AW ~VmBE & Give the meaning of variable cost. 4. 1 C nmXZ \$bZ H$s n[a^mfm Xr{OE & Define production function. 5. gh`moJr A nm{YH$ma go `m A{^ m` h ? 1 What is meant by collusive oligopoly ? 6. C nmXZ g ^mdZm dH $ ZrMo H$s Amoa T>bdm `m| hmoVm h ? g_PmBE & 3 Why is a production possibilities curve downward sloping ? Explain. 7. O~ EH$ d Vw H$s H$s_V < 15 {V BH$mB go KQ>H$a < 12 {V BH$mB hmo OmVr h , Vmo BgH$s _m J _| 25 {VeV H$s d { hmoVr h & _m J H$s H$s_V bmoM kmV H$s{OE & 3 When price of a good falls from < 15 per unit to < 12 per unit, its demand rises by 25 percent. Calculate price elasticity of demand. 58/2/1 3 P.T.O. 8. {V BH$mB H$a \$_ mam d Vw H$s ny{V H$mo H $go ^m{dV H$aVm h ? g_PmBE & 3 AWdm Am{W H$ ghm`Vm \$_ mam d Vw H$s ny{V H$mo H $go ^m{dV H$aVr h ? g_PmBE & How does change in per unit tax influence the supply of a good by a firm ? Explain. OR How does subsidy influence the supply of a good by a firm ? Explain. 9. ~m Oma H$s {H$g p W{V _| Am gV g m{ (AmJ_) gX d gr_m V g m{ (AmJ_) Ho$ ~am~a hmoVr h ? g_PmBE & 3 Under what market condition does Average Revenue always equal Marginal Revenue ? Explain. 10. EH$ nyU {V`moJr ~m Oma _| H o$VmAm| H$s A{YH$ g `m Ho$ ^md H$s `m `m H$s{OE & 3 Explain the implication of large number of buyers in a perfectly competitive market. 11. `h _mZVo h E {H$ EH$ Cn^mo $m Ho$db Xmo d VwAm| H$m Cn^moJ H$aVm h , Cn`mo{JVm {d bofU H$s ghm`Vm go Cn^mo $m g VwbZ H$s eV] g_PmBE & AWdm EH$ Cn^mo $m Ho$db Xmo d VwAm| X Am a Y H$m Cn^moJ H$aVm h Am a g VwbZ _| h & g_PmBE {H$ H $go O~ d Vw X H$s H$s_V {JaVr h , Vmo d Vw X H$s _m J ~ T>Vr h & Cn`mo{JVm {d bofU H$m Cn`moJ H$s{OE & Assuming that a consumer consumes only two goods, explain the conditions of consumer s equilibrium with the help of Utility Analysis. OR A consumer consumes only two goods X and Y and is in equilibrium. Show that when price of good X falls, demand for good X rises. Use Utility Analysis. 58/2/1 4 4 12. EH$ K{Q>`m d Vw Am a EH$ gm_m ` d Vw _| A Va ~VmBE & `m EH$ d Vw Omo {H$ EH$ Cn^mo $m Ho$ {bE K{Q>`m h , g^r Cn^mo $mAm| Ho$ {bE K{Q>`m hmoVr h ? g_PmBE & 4 Distinguish between an inferior good and a normal good. Is a good which is inferior for one consumer also inferior for all the consumers ? Explain. 13. n[adVu AZwnmVm| Ho$ {Z`_ Ho$ AZwgma Hw$b C nmX _| n[adV Z Ho$ {d{^ MaU ~VmBE & aoIm{M H$m `moJ H$s{OE & 4 State the different phases of change in total product according to the Law of Variable Proportions. Use diagram. ZmoQ> : Note : {Z Z{b{IV Z Ho$db { >hrZ narjm{W `m| Ho$ {bE Z g `m 13 Ho$ WmZ na h & The following question is for the Blind Candidates only in lieu of Q. No. 13. 4 n[adVu AZwnmVm| H$m {Z`_ g_PmBE & Explain the Law of Variable Proportions. 14. AZ{Y_mZ dH $ {d bofU _| Cn^mo $m g VwbZ H$s eV] ~VmBE Am a BZ eVm] Ho$ nrN>o Am {M ` g_PmBE & 6 AWdm AZ{Y_mZ dH $m| H$s VrZ {deofVmAm| H$s `m `m H$s{OE & State the conditions of consumer s equilibrium in the Indifference Curve Analysis and explain the rationale behind these conditions. OR Explain the three properties of the Indifference Curves. 58/2/1 5 P.T.O. 15. EH$ \$_ Ho$ ~mao _| {Z Z{b{IV gyMZm go, gr_m V bmJV Am a gr_m V g m{ (AmJ_) Ho$ AmYma na \$_ H$m g VwbZ C nmXZ kmV H$s{OE & H$maU ~VmBE & Bg C nmXZ na bm^ ^r kmV H$s{OE & C nmXZ Hw$b g m{ (AmJ_) Hw$b bmJV (BH$mB ) (<) (<) 1 2 3 4 5 8 16 24 32 40 6 10 18 23 31 41 From the following information about a firm, find the firm s equilibrium output in terms of marginal cost and marginal revenue. Give reasons. Also calculate profit at this output. Output (units) 1 Total Cost (<) 10 2 16 18 3 24 23 4 32 31 5 16. Total Revenue (<) 8 40 41 ~m Oma _| EH$ d Vw Ho$ _m J Am{Y ` go `m A{^ m` h ? BgHo$ Cg d Vw Ho$ ~m Oma na n S>Zo dmbo ^mdm| H$s m Ibm g_PmBE & aoIm{M H$m Cn`moJ H$s{OE & 6 What is excess demand for a good in a market ? Explain its chain of effects on the market for that good. Use diagram. ZmoQ> : Note : {Z Z{b{IV Z Ho$db { >hrZ narjm{W `m| Ho$ {bE Z g `m 16 Ho$ WmZ na h & The following question is for the Blind Candidates only in lieu of Q. No. 16. ~m Oma _| EH$ d Vw Ho$ _m J Am{Y ` go `m A{^ m` h ? BgHo$ Cg d Vw Ho$ ~m Oma na n S>Zo dmbo ^mdm| H$s m Ibm g_PmBE & Vm{bH$m H$m Cn`moJ H$s{OE & What is excess demand for a good in a market ? Explain its chain of effects on the market for that good. Use a schedule. 58/2/1 6 6 I S> ~ SECTION B 17. Ho$ r` ~ H$ go `m A{^ m` h ? 1 What is a central bank ? 18. g_{ >> AW em _| A^mdr _m J H$m AW ~VmBE & 1 Give meaning of deficient demand in macroeconomics. 19. 1 g_J Amny{V H$s n[a^mfm Xr{OE & Define aggregate supply. 20. mW{_H$ KmQ>m go `m A{^ m` h ? 1 What is primary deficit ? 21. d VwAm| Ho$ {Z`m V H$s d VwAm| Ho$ Am`mV na A{YH$Vm H$mo `m H$hVo h ? 1 What is excess of exports of goods over the imports of goods called ? 22. J a-_m { H$ boZXoZ go `m A{^ m` h ? BgH$m EH$ CXmhaU Xr{OE Am a BgHo$ gH$b Xoer` C nmX Ho$ bmoJm| Ho$ H$ `mU Ho$ gyMH$ Ho$ $n _| `moJ na ^md H$s `m `m H$s{OE & 3 What are non-monetary exchanges ? Give an example. Explain their impact on use of gross domestic product as an index of welfare of the people. 23. _w m H$m Am W{JV ^wJVmZ H$m _mZH$ H$m` g_PmBE & AWdm _w m H$m _y ` g M` H$m` g_PmBE & 3 Explain the standard of deferred payment function of money. OR Explain the store of value function of money. 58/2/1 7 P.T.O. 24. H$maU XoVo h E ~VmBE {H$ gaH$mar ~OQ> _| {Z Z{b{IV H$mo amO d `` _mZm OmEJm `m ny OrJV `` : (i) N>m d { m na `` (ii) nwb {Z_m U na `` 3 Giving reason, state whether the following is a revenue expenditure or a capital expenditure in a government budget : (i) (ii) 25. Expenditure on scholarships Expenditure on building a bridge g_PmBE {H$ ^wJVmZ g VwbZ KmQ>m {H$g H$ma _mnm OmVm h & 3 How is balance of payment deficit measured ? Explain. 26. n`o Ho$ _y ` mg go `m A{^ m` h ? BgH$m ^maV Ho$ Am`mVm| na `m ^md n S> gH$Vm h Am a H $go ? 3 What is depreciation of Rupee ? What is its likely impact on Indian imports and how ? 27. _w m Amny{V H$s AdYmaUm Am a BgHo$ KQ>H$ g_PmBE & 4 AWdm Ho$ r` ~ H$ H$m H$ao gr m{YH$mar H$m` g_PmBE & Explain the concept of money supply and its components. OR Explain the currency authority function of central bank. 28. EH$ AW `d Wm, Omo {H$ g VwbZ _| h , Ho$ ~mao _| {Z Z{b{IV Am H$ S>m| go dV ( dm` m) Cn^moJ `` H$m n[aH$bZ H$s{OE : am >r` Am` 900 gr_m V ~MV d { m = 0.10 {Zdoe `` 58/2/1 = = 80 8 4 Calculate Autonomous Consumption Expenditure from the following data about an economy which is in equilibrium : National income Marginal propensity to save = 900 0.10 Investment expenditure *29. = = 80 gaH$ma Zo Jar~m| H$mo {ejm Am a dm ` O gr godmE _w V XmZ H$aZo na A{YH$ `` H$aZm ew $ H$a {X`m & `h {H$g Am{W H$ _y ` H$mo Xem Vm h ? g_PmBE & 4 Government has started spending more on providing free services like education and health to the poor. Explain the economic value it reflects. 30. {Z Z{b{IV go ~m Oma H$s_V na gH$b am >r` C nmX Am a {Zdb am >r` `mo ` Am` H$m n[aH$bZ H$s{OE : 4, 2 (< Aa~ _|) (i) (ii) {dXoem| H$mo {Zdb ny OrVa (Mmby) h Vm VaU (iii) _ OX ar VWm doVZ (iv) {ZJ_ H$a (v) {ZJ_ H$a XoZo Ho$ n MmV bm^ (vi) {Z`moOH$m| mam gm_m{OH$ gwajm A eXmZ (vii) {H$am`m (viii) `mO (ix) d-{Z`mo{OVm| H$s {_{lV Am` 300 (x) {Zdb A `j H$a 140 (xi) 58/2/1 {dXoem| H$mo {Zdb H$maH$ Am` ( ) 10 AMb ny Or H$m Cn^moJ 20 400 50 150 50 100 70 80 9 P.T.O. Calculate Gross National Product at Market Price and Net National Disposable Income from the following : (< in Arab) (i) Net factor income to abroad ( ) 10 (ii) Net current transfers to abroad (iii) Wages and salaries (iv) Corporation tax (v) Profit after corporation tax (vi) Social security contributions by employers (vii) Rent 20 400 50 150 50 100 (viii) Interest 70 (ix) 300 (x) Net indirect tax 140 (xi) 31. Mixed income of self-employed Consumption of fixed capital 80 am >r` Am` H$m AZw_mZ bJmVo g_` {Z Z{b{IV Ho$ gmW `m `dhma {H$`m OmZm Mm{hE ? AnZo C ma Ho$ g_W Z _| H$maU ~VmZm Amd `H$ h & (i) H$_ Mm[a`m| H$mo ~moZg H$m ^wJVmZ (ii) df Ho$ Xm amZ Q>m H$ _| d { (iii) Q> gr MmbH$ mam Q> gr H$m H $` How should the following be treated while estimating national income ? You must give reason in support of your answer. (i) (ii) Addition to stocks during a year (iii) 58/2/1 Bonus paid to employees Purchase of taxi by a taxi driver 10 6 32. Xmo d H$p nH$ { >H$moUm| go am >r` Am` H$m {ZYm aU g_PmBE & aoIm{M H$m Cn`moJ 6 H$s{OE & AWdm {XE JE Cn^moJ dH $ go ~MV dH $ m H$aZo _| {bE OmZo dmbo MaU ~VmBE & aoIm{M H$m Cn`moJ H$s{OE & Explain national income determination through the two alternative approaches. Use diagram. OR Outline the steps in deriving saving curve from the given consumption curve. Use diagram. ZmoQ> : Note : {Z Z{b{IV Z Ho$db { >hrZ narjm{W `m| Ho$ {bE Z g `m 32 Ho$ WmZ na h & The following question is for the Blind Candidates only in lieu of Q. No. 32. 6 am >r` Am` {ZYm aU Ho$ Xmo d H$p nH$ { >H$moUm| H$s `m `m H$s{OE & AWdm Cn^moJ \$bZ Am a ~MV \$bZ H$s `m `m H$s{OE & Explain the two determination. alternative approaches of national income OR Explain the consumption function and saving function. 58/2/1 11 P.T.O. 2,000

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